Richest adapt to survive downturn

Though they may not gain much sympathy, the past year has been tough on the Middle East's wealthiest individuals and families.

Local and international equity markets, in spite of a rally over the past six months, are still at multi-year lows. Real estate prices are only starting to stabilise but a recovery to the values of 2007-08 could be far away. Nowhere has proved a safe haven .

"Most ultra-high net worth individuals are pretty well diversified, both in the region and internationally, but they have been hit on all fronts," says Sandy Shaw, Coutts & Co's head of Middle East private banking. "This is a global recession and it has hit everyone."